Problem/Circumstance: You work for policymakers in Newton County, Georgia. They are concerned with the fact that people earn lower wages in Newton County than they do, on average, in counties in Atlanta. Before they implement any policy, they want to understand what most affects the wages between two different counties. You must develop a model of the form: Wi=f(X1,X2,X3) that you plan to present to them. Wi is the wage rate of a county, X1,X2, and X3 are independent variables that you select. These should be the variables you deem most important to determining wage, with an eye towards measurement, as your next step would be to estimate this function. Once you have chosen these variables, please follow the instructions below. Instructions: Please perform the following tasks and upload a document detailing your responses. This assignment should be limited to 500 words and responses should be written in paragraph form. 1. What are the three variables you have selected? 2. Explain why you selected these variables. 3. What is the partial derivative of wage with respect to each of these variables? Explain each. 4. Pretend now that you are critiquing your own model. What do you think is missing? Why did you omit it? Problem/Circumstance: You work for policymakers in Newton County, Georgia. They are concerned with the fact that people earn lower wages in Newton County than they do, on average, in counties in Atlanta. Before they implement any policy, they want to understand what most affects the wages between two different counties. You must develop a model of the form: Wi=f(X1,X2,X3) that you plan to present to them. Wi is the wage rate of a county, X1,X2, and X3 are independent variables that you select. These should be the variables you deem most important to determining wage, with an eye towards measurement, as your next step would be to estimate this function. Once you have chosen these variables, please follow the instructions below. Instructions: Please perform the following tasks and upload a document detailing your responses. This assignment should be limited to 500 words and responses should be written in paragraph form. 1. What are the three variables you have selected? 2. Explain why you selected these variables. 3. What is the partial derivative of wage with respect to each of these variables? Explain each. 4. Pretend now that you are critiquing your own model. What do you think is missing? Why did you omit it